Ideanomics Inc (NASDAQ:IDEX) is trading with mild loss in the pre-market session after announcing a new acquisition.
Ideanomics Acquires U.S. EV Tractor Maker Solectrac
- announced it has fully acquired Solectrac Inc., a California-based manufacturer, and distributor of premium zero-emission electric tractors that use clean renewable sources of energy, furthering the mission to reduce commercial fleet greenhouse gas emissions.
- Ideanomics will support Solectrac across various business functions providing operational confidence to scale and become established as a global leader and supplier of clean agricultural equipment.
- Solectrac has a significant head start in the electric tractor market in North America with limited competition and aligns with Ideanomics’ commitments to ESG initiatives. Those commitments include accelerating the adoption of zero-emission commercial EVs, transparency, accountability, and environmental sustainability.
- Solectrac enhances Ideanomics’ ecosystem of EV businesses with a premium offering in the rapidly growing agriculture sector that is on the cusp of EV adoption. The Solectrac electric tractor lineup is fully scalable and market-ready to generate revenue in the US with proven demand. The use of proceeds from the deal will allow Solectrac to build up inventory, improve negotiating power, strengthen and diversify the supply chain, increase production capacity in the US, hire additional management and staff, and fuel further sales and marketing initiatives.
As of 8:48, IDEX is trading at $3.08, down 1.91%. So far more than 644K shares have exchanged hands.